Buying real estate in Dubai is a profitable investment. The emirate is developing by leaps and bounds, creating a favorable environment for work and life of foreign professionals from various sectors of the economy. High wages, stability of economic development, security, high standard of living attract hundreds of thousands of people to the country, most of whom immediately think about how to buy real estate in one of the neighborhoods in Dubai. Investment flats in Palm Jumeirah are the top choice of foreign investors and expats looking for permanent place of accommodation.
Peculiarities of the real estate market in Dubai
As any foreign real estate market, the market of Dubai is characterized by certain peculiarities:
- rapid growth;
With the development of remote working and freelancing, more and more people are choosing the UAE as a permanent residence or for vacationing.
- demand exceeds supply;
In Dubai, demand for real estate exceeds supply. This situation has arisen due to a slowdown in construction during the pandemic and the subsequent boom in demand. The highest demand is observed in the sector of luxury properties in Palm Jumeirah.
- focus on long-term investments;
In the UAE has noticeably decreased the proportion of investors seeking to make quick money on speculative schemes, and increased the proportion of those who buy property for themselves, considering it a long-term investment.
- high demand on luxury real estate
Luxury real estate continues to be in demand in the UAE, especially in Palm Jumeirah in Dubai. Due to the growing demand, investors with large capital prefer to invest in expensive apartments and villas, expecting a good profitability and steady growth in the value of objects.
Considering the main features of the real estate market in Dubai, we have compiled a list of key actions for successful property purchase in Palm Jumeirah.
1. Make a detailed plan
Investing in real estate in Palm Jumeirah, it is recommended to draft a business plan in advance. In such a way, an investor can focus on essential features of property and business opportunities as well as take into account possible risks.
The plan of managing real estate in Palm Jumeirah may include the maximum cost of an apartment, exact location, long-term or short-term rent, and other important options. A rough picture of cash flow from rentals allows planning future renovations and maintenance or buying one more unit for business.
2. Monitor the market
A proficient investor should always be in charge of the purchase. To make a successful purchase, it is advisable to pay attention to the following information:
- in-depth investigation of the area of Palm Jumeirah;
- ongoing trends on rental housing;
- average salaries of potential tenants;
- current conditions affecting the market;
- statistics of configurations of rental housing units.
3. Consult an expert
Irrespective of the goals of the purchase on housing in Palm Jumeirah, consultation with an expert is a good idea. We all have a rough idea of everything going on in the real estate market in Dubai, but only an expert can figure it out better. So never hesitate to contact a real estate agent or consultant to get an idea of the real estate market before you invest.
The real estate agency Dubai-Property.Investments provides qualified help for foreign buyers. The experts are able to find the suitable option at a relevant price and evaluate the profits. Besides, you will be followed by an experienced real estate agent at each stage of the deal.
4. Check the documents
One more crucial step is to find out the availability of construction documents. As a rule, reputable builders have no problems with this.
Ask the developer to present the necessary documents to prove the certification of construction and operation permit. Show the papers to the experts and make them conduct an investigation.
There is no reason to continue the deal, if the developer refuses to provide certificates.
5. Understand the risks
An active real estate investor understands the risks in dealing and the legal implications of the property. Hence, it is good to figure out these complications to adjust businesses by reducing those risks.
Both off-plan and completed housing in Palm Jumeirah can be followed by certain risks. Still, it is not the reason to abandon the idea of getting a stable income and raise your financial status.
Real estate market in Palm Jumeirah has enough good offers for a comfortable stay and profitable investment. Stable demand for real estate, high liquidity of objects, as well as the development of the Emirates’ economy allow to predict a further increase in real estate prices in this country.
Investments in flats in Palm Jumeirah is a great approach to building your wealth to secure your future.